Jumia snares USD35m for e-commerce in emerging markets

E-commerce firm Jumia has raised USD35m from Millicom. Jumia says the investment will be split between its partners Hellofood, Vamido andKaymu. The online retailer sells a wide variety of goods that include from mobile phones, sunglasses, games consoles and cigarettes. The company, which launched last year, is based in Nigeria, but also active in Morocco and Egypt.

Jumia says the funding will be used to move the business to a new warehouse in Lagos, while also attempting to expand further in the domestic market. The firm claims to be the fourth largest website in Nigeria, with the financial backing arrive three months after a USD26m funding from Summit Partners.